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Did the Chinese Spy Balloon Incident Severe The US-China Economic Ties?
With China, we are interacting on two levels. One is geopolitical, where tensions have been rising quickly, while the other is commercial, where consumers and businesses, play a significant role. Regardless of the recent Balloon incident, this week saw an all-time high record of $690 billion in US-China merchandise trade, exceeding the record set in 2018. However, if the next crisis between Beijing and Washington is bigger than a balloon, it might prove much harder to deflate. On 7th February 2023, President Joe Biden stated in his state of the Union address that he would cooperate with China but vowed, “If China threatens our sovereignty, we will act to protect our country. And we did.” It was a hint towards a recent incident where (according to US officials) “A Chinese surveillance balloon” floated across the US. In response to this, Fareed Zakaria, Indian- American journalist Washington Post, shared his take on how the Beijing government tried to downplay the whole episode, expressing regret initially and then using its censorship of media and social media to tamp down the flames of Chinese nationalism. Furthermore, he mentioned how in 2001, an American spy plane collided with a Chinese jet fighter, killing the Chinese pilot. This resulted in the American plan to land on Hainan Island, where Chinese authorities took the crew into custody. However, in just eleven days, once the US issued a letter of regret, China accepted the apology and released the Americans (The Guardian, 2001). It is a prime example of how both countries had a stable bilateral relationship, contrary to the current time, where it’s unimaginable to picture having an issue resolved so smoothly and quickly between the two. Also, Zakaria mentioned that the fascinating part about the whole situation is that while the two countries are at the peak of geo-political tensions, they remain deeply interconnected economically. Regardless of the Balloon incident, this week saw an all-time high record of...
China has debunked “the myth that modernisation means westernisation”-Xi Jinping
Xi emphasized “vigorously promoting Chinese-style modernization,” calling it a “new model for human growth.” “Experience has proved that Chinese- style modernization is feasible, and it is the only correct path for building a strong country and rejuvenating the nation. On 7th February 2023, Chinese President Xi Jinping held a policy speech with top Communist Party cadres and officials, a month before China’s annual parliamentary meetings known as the “Two Sessions,” where it will present its plans for how the country can move past the disruption of last year and return the economy to growth. All the Politburo members, military commanders, fresh faces on the Central Committee, regional governors, and ministries attended the speech. Dispelling the illusion that “modernization is equal to westernization,” Xi emphasized “vigorously promoting Chinese-style modernization,” calling it a “new model for human growth.” Innovation must be prioritized to contribute to China’s overall national development, leading to a road to modernization that is more efficient than capitalism and in line with the Communist party’s agenda. Furthermore, he stated that, “Experience has proved that Chinese- style modernization is feasible and stable, and it is the only correct path for building a strong country and rejuvenating the nation.” Although China’s top-down governance system and iron-fisted Communist Party have allowed it to implement transformative economic policies, the economy has stagnated due to three years of strict COVID restrictions and government crackdowns on technology, private education, and real estate sectors. China has to work towards boosting its economic activity this year. Xi underlined the need for increased guidance to help corporate organisations boost confidence and maintain social expectations. Similarly, in his State of the Union Address, US President Joe Biden made a statement the same day by emphasizing the need to promote American sectors while praising...
How Indian Billionaire Gautam Adani lost half of his wealth within 10 days.
The turmoil from Hindenburg’s Jan. 24 report has resulted with Adani stocks now having lost US $120 billion, more than half of their market value. The Adani group has been specifically accused for “(1) stock manipulation (2) and laundering money through Adani’s private companies onto the listed companies’ balance sheets to maintain the appearance of financial health.” Gautam Adani, a self-made Indian billionaire with a vast enterprise that made him the third-richest person in the world and the wealthiest man in Asia (According to Forbes list of billionaires), has seen more than half of his fortune disappear over the course of 10 dramatic days. The Adani Group lost more than US $120 billion (Reuters) in market value as investors jumped ship. All this occurred on January 24, 2023, when a small U.S. short-seller business, Hindenburg Research, accused the Adani Group of stock manipulation and fraud, causing the market to crash. The report had 88 questions directed at the Indian conglomerate, charging it with using well-known tax havens and with having a primary objective of fraudulently inflating the market value of its listed companies. The most damaging of the Hindenburg contentions is that Vinod Adani, Gautam Adani’s oldest brother, has created a large number (38, by Hindenburg’s count) of shell companies based in Mauritius, and used them specifically for “(1) stock parking (2) and laundering money through Adani’s private companies onto the listed companies’ balance sheets to maintain the appearance of financial health” (Washington Post). In response, the Adani Group executives retaliated, refuting the accusations in a thorough 413-page report. They referred to it as “nothing but a lie” and a “calculated attack on India.” However, Adani was forced to withdraw when a 2.5-billion-dollar stock sale happened to raise additional funds for the business. Considering Adani is considered a hero in India, the amount of power he yields is beyond incredible amongst groups like...
Unemployment and Youth Bulge Aggravate Pakistan’s Economic Crisis
The rising unemployment rate among the young population has given way to increasing various socioeconomic issues in Pakistan. The youth either lack technocratic education or do not have adequate platforms to utilize their skills. As a result, even the talented ones are underpaid, struggling to steer through the current economic crisis. If not tackled wisely, the country may experience a massive brain drain and a sessile economy. Against the backdrop of recent floods, an ongoing foreign exchange crisis, and rising inflation, the Pakistani youth has been hit hard by massive unemployment. Sixty-four percent of the country’s population is under the age of 30. There is a noticeable youth bulge, which, if it is not addressed, will have serious effects on the state, society, and economy, further exacerbating the hopelessness, despair, and misery now afflicting the nation. The skills mismatch widespread among 18 to 25-year-olds in Pakistan is probably one of the main causes of youth unemployment, which is a burden Pakistan must shoulder. Many young people do not have access to high-quality education or the skills needed to find and keep jobs in a highly competitive economy. Due to a lack of relevant and market-driven skills, Pakistan is losing almost an entire generation. The need for better skills renders many unskilled people obsolete, forcing them to live in poverty. Unskilled, illiterate workers put in long hours of labor with inflated hopes for their careers since they know they won’t get very far without even the most basic abilities. According to the recent report of the Pakistan Institute of Development Economics (PIDE), one-third of Pakistani youth are unemployed. The Pakistan Bureau of Statistics (PBS) released the Labour Force Survey (LFS) in 2021, which revealed an increase in unemployment, with educated young being more likely to have trouble obtaining employment. Underemployment or the forced acceptance of low-paying work by people indicates that strong...
Each police individual should perform to the best of his capacity to uplift the confidence of locals in the police:
On February 09, 2023, the Police Training Center (PTC) Quetta organized training on “Understanding the role of proxy terrorism and counter-radicalization in modern policing” at their center. Mr. Imtiaz Gul, Executive Director of the Center for Research and Security Studies (CRSS), was invited as a keynote speaker to address the occasion. The lecture was attended by the provincial police officers who were on their promotional course (from the Inspector Police to the Deputy Superintendent of the Balochistan Police). Speaking to the audience, Mr. Gul reiterated the importance of modern policing and technology required for ensuring peace and security, particularly in the Balochistan province, and further stressed how integrating a strong security perspective and close collaboration across all security domains would result in peace and stability. The keynote speaker also suggested that national and provincial governments should interact with international agencies to equip our police force with contemporary pieces of training and equipment required for forensics and countering violent extremism. Addressing the prevailing challenges faced by the local security agencies, Mr. Gul stated that currently, the Tehreek-e- Taliban (TTP) Pakistan is the most fundamental threat faced by Pakistan. Noting that, the role of police becomes more crucial as TTP’s primary targets are civilians and law enforcement agencies personnel. He added that the proxy war elements have further exacerbated the situation by funding these militant agencies and violent extremists. Therefore, our law enforcement agencies should act together and collectively respond to this situation. Discussing the roles of exploitation due to unemployment and financial insecurity in violent extremist recruitment, Mr. Gul stated: “Financial imbalance in the society creates pressures on men and women, which can make an individual feel frustrated. The violent extremist groups exploit this sentiment, and, that is why it is...
Border natives to be issued ‘Special Cards’ for facilitated movement
To enable hassle-free cross-border travel for those of Pakistani nationality living in border regions of Afghanistan, local authorities have decided to issue special cards. Officials stated that all people who were interested in receiving the special cards for movement from Afghanistan into Pakistan would be issued a form, which would be filled out and submitted to the office of the relevant tehsildar. The forms, according to the officials, would be attested and carefully examined before being submitted. Elders from Utmanzai reported that Pakistani nationals living in the neighboring provinces of Khost, Paktia, and Paktika were having a very difficult time crossing the border to visit their relatives. The military decided to give Pakistani citizens with legitimate national identity cards special passes after requests from the locals. Elders of Utmanzai appreciated the decision. The tribal natives have been underpinning the need for special cards and restoration of their easement rights for a long time, hence such decisions from the authorities are surely promising, people-centric, and likely to ensure harmony and fraternity in the border region in the longer run. In a similar vein, the Center for Research and Security Studies (CRSS), an Islamabad-based think tank, has been implementing a unique Pak-Afghan Track 1.5/ II initiative Beyond Boundaries since October 2015, as part of its efforts to help improve relations between the two countries and enhance people-to-people contacts. During the Center’s recent series of engagements between January and February with tribal stakeholders from the Pak-Afghan border region, the dialogue participants – besides underscoring core governance and socioeconomic concerns – echoed the demand for ‘special cards’ to facilitate their cross-border movement and revision of the easement rights. The government on both sides of the border should address the grave concerns of the tribal areas as the border region serve as an economic...
BJP has turned Jammu and Kashmir into Afghanistan, says Mehbooba Mufti
By scraping the law, they are turning Kashmir into Afghanistan as it has destroyed their identity, left them jobless, confiscated their land, and looted their resources. Being in the majority in the parliament, the BJP has weaponized institutions, altered the constitution, and crushed all forms of dissent, including the media. Since the Indian parliament revoked Article 370 in 2019 (which granted the state of Jammu and Kashmir extensive autonomy from the rest of the nation), the Muslim majority population in Indian-controlled Jammu and Kashmir has continued to harbor great resentment. Thousands of troops were rushed to the area in the time leading up to the announcement, and most channels of contact were blocked off. Mehbooba Mufti and Omar Abdullah, two of the state’s former chief ministers, were also placed under house arrest. In a recent interview (6th February 2023), Mufti denounced the draconian decision to revoke article 270 and appealed to the opposition parties to rise against this atrocious move. Furthermore, she stated that by scraping the law, they are turning Kashmir into Afghanistan as it has destroyed their identity, left them jobless, confiscated their land, and looted their resources. “Today, Kashmir will look like Afghanistan to you because of the bulldozers“, she added. Locals are now being evicted as 45,000 hectares of land are given to outsiders, a move that has been compared to what Israel is currently doing to the Palestinians. She has pleaded with the leaders of the Indian opposition, including Rahul Gandhi and Sharad Pawar, not to remain silent and speak out. The reality on the ground is much more frightening since locals with three Marla houses are even seeing their homes bulldozed by Indian troops as part of an anti-encroachment move, catering only to the wealthy. The ex-CM has warned that residents of the Ladakh region are furious with outsiders taking their jobs and land, but it appears that this politics of hatred created by the BJP...
ADB makes second offer to fund CPEC’s $10b ML-I project
ISLAMABAD: The Asian Development Bank (ADB) has offered to fund China-Pakistan Economic Corridor (CPEC)’s $10 billion Mainline-I (ML-I) project, said the administration head of the planning ministry on Wednesday – a move that may require Beijing’s consent in order to onboard a second financier. “ADB has offered to finance the ML-I project,” said Zafar Ali Shah, Secretary of the Ministry of Planning while talking to the journalists at his office. To a question, Shah said “Pakistan is still pursuing the project with Beijing and is keen to start the first phase of $2.7 billion.” Sources, however, said that China has not yet signed a financing agreement due to differences over terms and Pakistan’s weak financial position. This is the second time that the ADB has shown interest in the delayed project – also the only scheme to be declared strategically important under the CPEC framework. Nearly eight years ago, ADB had offered to finance the said scheme but China declined their proposal. A diplomatic source privy to these discussions said that ADB has only offered to finance the portion of the ML-I project severely damaged by the recent floods. He said that, at this stage, the financing and scope of the ADB offer has not been finalised. Of the total cost of $10 billion, Pakistan has planned to take a loan of $8.4 billion from China, although it has not been able to finalise negotiations, and Islamabad will arrange the remaining $1.5 billion. In rupee terms, the project cost, which was a staggering Rs2 trillion at the time of its approval four months ago, has now increased to Rs2.7 trillion at today’s exchange rate. Pakistan had decided to implement the project in phases and stagger the loan of $8.4 billion accordingly to ensure smooth construction and at the same time book loans as per its need. Due to the Pakistan Tehreek-e-Insaaf (PTI) government’s negligence, however, the ML-I project remained side-lined and as a result its cost in rupee terms increased three folds....
China is rewriting the infrastructure development model: US expert
What will immediately come to mind when you think of China's infrastructure? You might think of those incredible bridges, high-speed rail, and all those incredible complicated projects. As China is yet a middle-income economy, its infrastructure is first-rate in the world compared with the wealthiest countries. Why is China able to build so much so fast? And how is China rewriting the development literature and saying on infrastructure? Watch the video as China Daily reporter Ian Goodrum talks about the issues of infrastructure with Sourabh Gupta, a senior fellow at the Washington-based Institute for China-America Studies.
Is China increasing its military strength to compete with U.S.?
The United States is one of the largest military forces in the world. There are around 750 military bases spread across 80 nations, with Japan having the highest number of US bases, followed by Germany with 119 and South Korea with 73. Other countries include Canada, UK, Italy, Turkey, Spain, Cuba, Australia, Saudi Arabia, Kuwait and Peru. (As illustrated in the graph below) Compared to the U.S., China has only one active military base in Djibouti, Africa but has gained leverage by loaning money for infrastructure projects in several countries through the BRI initiative where it might want to establish its forces https://c0.piktochart.com/v2/uploads/fbbde60d-2152-4547-8235-15366e99e1fe/87963cd1302b8cee299178a6535cdf34e377cd74_original.jpg Recently multiple developments have taken place which reinforces the US military’s hyperfocus on China (CNN report): – The US is beefing up its presence in the Pacific with a new military base, its first in 70 years on the island of Guam, a US territory. – There is a new agreement between the US and Japan that will redesignate US Marines stationed in Japan, allowing them to fire anti-ship missiles. – Also, the US military will gain expanded access to bases in the Philippines, which is just south of Taiwan. The Japanese island of Okinawa, where Marines are stationed, is to the north. However, China’s military is emerging as a true competitor to the U.S., under Xi Jinping. The People’s Liberation Army now has hypersonic missiles that evade most defenses, a technology that the US is still developing. Its attack drones can swarm to paralyze communications networks. China has more naval ships than America does, and last year it debuted its third aircraft carrier—the first to be planned and constructed in the country. Its defense budget is second only to the U.S.’s. Around 2 million serving personnel make up China’s military, versus little under 1.4 million in the U.S. (Wall Street Journal Report,...
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I am also a member of National Assembly’s Standing Committee on Information and Broadcasting. Recently, we held a meeting with the Director General of Radio Pakistan and we told them to initiate such local programs (like Constituency Hour) in regional languages to educate and inform people. Even Indian Radio can be heard in FATA which is being used for propaganda purposes and must be closed. Therefore, we should launch some standard and quality programs like CRSS that will change the taste of the listeners.